The Following Is the Adjusted Trial Balance Columns from the Worksheet

question 160

Essay

The following is the adjusted trial balance columns from the worksheet for Picture Perfect Photography.
Picture Perfect Photography
Adjusted Trial Balance
December 31,2018
$\begin{array}{|l|c|c|}\hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 15,000 & \\\hline \text { Accounts Receivable } & 30,000 & \\\hline \text { Prepaid Insurance } & 7,500 & \\\hline \text { Office Supplies } & 3,200 & \\\hline \text { Land } & 40,000 & \\\hline \text { Building } & 160,000 & \\\hline \text { Accumulated Depreciation--Building } & & \$ 12,000 \\\hline \text { Equipment } & 75,000 & \\\hline \text { Accumulated Depreciation--Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,000 \\\hline \text { Ramirez, Capital } & & 21,290 \\\hline \text { Ramirez, Withdrawals } & 23,000 & \\\hline \text { Service Revenue } & & 289,000 \\\hline \text { Salaries Expense } & 61,000 & \\\hline \begin{array}{l}\text { Depreciation Expense--Building and } \\\text { Equipment }\end{array} & 6,150 & \\\hline \text { Office Supplies Expense } & 14,040 & \\\hline \text { Insurance Expense } & 14,000 & \\\hline \text { Utilities Expense } & 20,900 & \\\hline \text { Total } & \$ 469,790 & \$ 469,790 \\\hline\end{array}$ Using the information provided in the worksheet above,prepare an income statement for Picture Perfect Photography.